Illumina (ILMN -2.1%) and acquisition target Pacific Biosciences of California (PACB -13.4%) are both under pressure, the latter on more than double normal volume, in response to a final report from the UK Competition & Markets Authority (CMA) that concluded that their planned tie-up will lessen competition and has referred the matter for phase 2 assessment (more in-depth investigation).
The CMA signaled its concerns in late June that would recommend a higher level of scrutiny regarding the transaction.
ILMN announced its $1.2B bid for PACB in November 2018.
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